Upcoming IPO: Solar 91 Cleantech Limited has filed its Draft Red Herring Prospectus (DRHP) at the Bombay Stock Exchange’s SME platform for its initial public offering (IPO), which, as per the filing, aims to raise approximately ₹100 crore through the issuance of 54.36 lakh equity shares with a face value of INR 10 each on September 2, 2024.
“Our vision is to be a leading player in the solar energy sector and contribute to the country’s renewable energy goals,” said Prateek Agrawal, Co-founder and CEO of Solar 91.
Narnolia Financial Services Limited and Maashitla Securities Private Limited have been appointed to manage the IPO process.
“We are excited to take this next step in our growth journey and believe that the IPO will provide us with the resources to expand our presence and contribute to India’s renewable energy transition,” said Sandeep Gurnani, Co-founder and COO of Solar 91.
Solar91 Cleantech business details
The company provides turnkey Engineering, Procurement, and Construction (EPC) services to commercial and industrial customers across India. It currently has an order book of more than 155MW as an Independent Power Producer (IPP) under the PM Kusum (C2 – Feeder Level Solarization) Scheme.
Solar 91, headquartered in Jaipur, Rajasthan, has successfully commissioned nearly 80MW in distributed solar projects across 13 states. The company plans to use the IPO proceeds primarily for project development as an IPP and to meet its working capital requirements as an EPC company.
Solar91 has received institutional debt support from the Netherlands-based Energy Access Relief Fund, which supports clean energy organizations in the Asia-Pacific and Africa regions. The company has also been backed by marquee investors, including Krishna Pant (founder, SGS Tekniks), Prashant Jain (Tikri Investments), Lalit Dua (Rajasthan Global Securities), and other renowned names.
The IPO filing comes as Solar91 has emerged as the lowest bidder in IPP projects in Karnataka and is in the process of developing solar parks for captive open-access consumers in Rajasthan and Karnataka.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Our vision is to be a leading player in the solar energy sector and contribute to the country’s renewable energy goals.